The Simple Man's Guide To Real Estate
3 Great Tips for First-Time Buyers
You'll never learn tips like this anywhere else
TIP #1: To save closing costs, first negotiate a lower selling price (example: asking price of $90,000 negotiated down to $82,000). Once this is accomplished, try to talk the seller into paying 1/2 the closing costs. Likely, he will refuse. That's when you say something like, "I'll pay an extra $3,000 for the home if you will pay $3,000 of the closing costs." Why wouldn't he? He still gets the same amount of cash at closing. But what you have done is to transfer the $3,000 in closing costs into the purchase price and into your mortgage. Instead of paying $3,000 cash out of pocket now, you instead will be paying a mere $20 per month more for your mortgage. So, now that you have saved $3,000, here is another neat tip that will make home ownership even easier...
TIP #2: Take the $3,000 you just saved during negotiations (and before getting your mortgage, if possible) and pay down your short-term debts - car payment, credit cards etc. This will do three great things for you:
It will save you at least $200/month in payments. This extra $200/month can now be used to help pay your mortgage payment each month, making it much easier for you
It will reduce your debt enough so the bank may allow you to qualify for a bigger mortgage, or reduce the points etc.
It frees up your credit, so you will be able to access more credit in case of an emergency.
TIP #3:The best tip of all - Get many more valuable tips that can save you many thousands of dollars - order a copy of "A Simple Man's Guide to Real Estate" , jam-packed with hundreds of tips and strategies that save you many thousands, and can increase your net worth by tens of thousands.
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